the idea, the likelihood that we're going to be downgraded fairly soon. that's what's happened. >> here's the thing. yesterday, everyone was sort of panicked, i guess is the right word because they were saying, look, if we don't have some sort of a deal by tonight, the asian markets which, of course, open hours before the u.s. markets, they'll be affected. what happened? >> then along came harry reid with this new proposal, with apparently no tax increases but just long dated, vague cuts in spending. that placated investors to some degree. asian markets were down and as i said, the american market, the dow industrials will open maybe 100 points down in a couple of hours time. >> real quickly, the harry reid plan calls for less than $4 trillion in cuts as does john boehner's. s&p, moody's, unless you cut that much, $4 trillion, you'll probably get downgraded. >> that's why i say the likelihood of this downgrade and let's be clear, a downgrade means you lose your financial reputation.